Review on Synthetix Network Token by Furkan Öztoprak
A Project with a Goal
My dear readers, I'm here with a new week's project. This project is working on the Ethereum Blockchain. It enables to interact with real currencies, stocks and indices in a chain.
The token of this project is ERC20 based and provides a liquidity protocol. Each asset (or Synth) is an ERC20 token that tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar. Synthetix has a wide variety of Synths (assets) including fiat currencies, cryptocurrencies, commodities and indices.
This project is not as centralized as most projects. This project also offers its users a decentralized exchange. The stock market offered by the platform offers infinite liquidity advantage and more than 20 different Synths can be accessed without liquidity limitation. In addition, direct connections between contracts and individuals can be provided through the exchange.
In addition, developers and participants who contribute to Synthetix Netwokr are rewarded by the platform. Users can earn SNX for staking and get discounts on transaction fees.
Pros
- It has its own exchange platform.
- It is not central.
- Developers and participants who contribute to Synthetix Network are rewarded by the platform.
Cons
- The market price is determined depending on many parameters. It can be risky for investment.
New products
Comments (1)
October 28, 2020
Synthetix is the backbone of derivatives trading on DeFi, allowing anyone, anywhere on-chain exposure to a wide variety of assets. Earn rewards by providing collateral to the Synthetix protocol.
